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CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

The CBI booked Delhi-based diamond jewellery exporter Dwarka Das Seth International Pvt Ltd, six months after the Oriental Bank of Commerce filed a complaint with the agency. Another ₹390 crore OBC (Oriental Bank of Commerce) scam has also emerged. This case of fraud is about Rs 390 crore. One such entity named Freya Trading Co., allegedly controlled by Mr. Seth, was shown as a major customer of Dwarka Das International with its dues standing at about Rs105.44 crore.

The CBI had on Thursday registered another case of fraud by a Delhi-based jeweller for Rs 389.5 crore involving the Oriental Bank of Commerce. This is similar to the modus operandi of absconding diamantaire Nirav Modi who defrauded Punjab National Bank (PNB) of Rs 11,400 crore.

The bank's Hapur branch paid out loans to 5,762 farmers in between January and March 2012 amounting to Rs 148.59 crore. The police has registered a case against several top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons.

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A third loan fraud hit scam-laden Indian banking system on Friday after a diamond exporter was found using Letters of Credit (LoCs) issued by Oriental Bank of Commerce (OBC) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions. The second corporate loan, too, was declared an NPA in November 2016. One of the properties, a double-storied house owned by Roshan Lal in Rohtak, Haryana, was valued at Rs 4.85 crore while sanctioning the loan. This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. The second loan was declared NPA (non-performing asset) on November 29, 2016, almost three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.

In the complaint, Bank of Maharashtra said, "The overvalued valuations were deliberately given in connivance with the borrowers and the guarantors... to fraudulently induce the bank to finance the borrower". Jaitley also expressed his concerns that loan defaults went undetected in the banking sector, adding that a single flag was not raised when the fraud was detected.

According to the OBC complaint, the company had approached the bank in 2011 seeking around Rs 149.

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